BSP approves PBCOM's acquisition of rural bank

Posted at | Updated as of 07/31/14 9:55 PM

MANILA, Philippines - The Bangko Sentral ng Pilipinas has approved Philippine Bank of Communications' (PBCOM) acquisition of the Rural Bank of Nagcarlan, Inc. (RBNI).

The acquisition of the rural bank will add six branches to PBCOM's network. These six branches are located in Nagcarlan, Los Baños, Calamba, Biñan, Cabuyao and San Pablo.

The BSP also granted the bank's additional licenses for 13 PBCOM branches, 6 RBNI branches and 6 RBNI other banking offices.

This is the first of two rural bank acquisitions by PBCOM. The bank is also buying a controlling stake in Banco Dipolog, Inc, a 13-branch rural bank based in Northern Zamboanga.